Legal & General has bought the long leasehold interest in an office building in Manchester’s Spinnigfields from Allied London Properties for £86m.
The fund manager beat competition from six other bidders including two UK institutions, one European and one US institution, an Israeli bidder and a syndicated vehicle, to buy 2 Hardman Street.
The deal for the 157,364 sq ft (14,620 sq m) office let to Deloitte & Touche and Greater Manchester Newspapers, reflected a yield of 4.5%. The building is the latest building to have been completed within Spinningfields and is situated in the centre of the development.
King Sturge acted for Legal & General and Dunlop Haywards and Jones Lang LaSalle advised Allied London Properties.